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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Total Compensation Expense

The total compensation expense recognized in the statements of operations associated with all the stock-based compensation awards granted by the Company is as follows (in thousands):

		Year Ended December 31,
		2022				2021
Research and development		$	3,974			$	2,427
General and administrative			3,551				2,750
Total share-based compensation expense		$	7,525			$	5,177

Summary of Stock Option Activity

The following table summarizes stock option activity under the Plan for the year ended December 31, 2022:

		Number of Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding as of December 31, 2021			5,822,373			$	7.17				8.27			$	33,275
Granted			1,927,649				7.71
Exercised			(282,459	)			3.88
Cancelled or forfeited			(878,084	)			8.50
Outstanding as of December 31, 2022			6,589,479			$	7.29			7.73				$	362,112
Vested or expected to vest as of December 31, 2022			6,589,479			$	7.29			7.73				$	362,112
Options exercisable as of December 31, 2022			3,009,095			$	5.76				6.50			$	358,798

Summary of Assumptions Used to Value Stock Options Granted Using Black-Scholes Option-Pricing

The fair value of each option award granted during the years ended December 31, 2022 and 2021 is estimated on the date of grant using the Black-Scholes option pricing model. This model incorporates various assumptions, including the expected volatility, expected term, and interest rates. The underlying assumptions used to value stock options granted to participants using the Black-Scholes option-pricing were as follows:

		Year Ended December 31,
		2022				2021
Risk-free interest rate		1.67% to 3.59%				0.68% to 1.33%
Expected dividend yield			0	%			0	%
Expected option term (in years)		5.15 to 6.08				6.00 to 6.08
Expected stock price volatility range		83.60% to 86.00%				68.58% to 73.30%

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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